Bitcoin millionaire wallets triple in 2023

In 2023, the number of Bitcoin wallets with a total value of coins exceeding a million dollars has tripled.

According to BitInfoCharts, 23,795 Bitcoin (BTC) millionaires were registered in the market in January 2023. As of this writing, the number has risen to 81,925, an increase of 237%. The indicator began to grow actively against the backdrop of positive crypto market dynamics and Bitcoin updating its annual highs.

Bitcoin distribution | Source: BitInfoCharts

However, millionaire wallets are not personal to individual users, as crypto exchanges and financial institutions own many addresses with over $1 million worth of BTC.

According to Glassnode, the number of addresses holding more than $1 million worth of Bitcoin peaked during the last bull market in November 2021. It hit a record 112,573 addresses on Nov. 9, 2021, right before Bitcoin reached its all-time high of $69,000.

Meanwhile, since the beginning of the year, the number of so-called “wholecoiners”— wallets with a balance of at least 1 BTC — has increased slightly. Currently, there are 1,018,015 such addresses, which is 4% more than the 978,197 registered on Jan. 1.

On Nov. 9, the price of Bitcoin set a new high for 2023. Against the backdrop of this growth, the volume of liquidations on futures contracts reached $151m. On the same day, the asset crossed the $37,000 mark. The jump in the Bitcoin price occurred against the news that the US Securities and Exchange Commission announced the start of negotiations with Grayscale regarding spot Bitcoin ETF.

The first cryptocurrency closed in October 2023 with an increase of 28.5%. There have been several significant jumps in the asset’s price in the past month.

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